In this month’s audit updates, FRC fines leap 44%, MPs grill auditors over Thomas Cook, PwC in $7.9m independence fine, Kingman warns of reform drift while Brydon hits out at ‘shotgun’ approach, BDO predicts 25% audit fee hike, public demands ‘more teeth’ at regulator as new team take over and going concern audit standard is ‘toughened’

There was a 44% hike in the value of fines issued by the Financial Reporting Council (FRC) to audit firms last year, following a global trend which sees its replacement regulator set to impose even tougher sanctions, according to analysis by Thomson Reuters

In this month’s audit updates, date set for Autonomy audit complaint hearing, charity regulator criticises audits, Grant Thornton loses FTSE 250 audit, FRC chair fears reforms will not address concerns while EY boss admits zero contingency planning, and NAO consults on local code update

The Financial Reporting Council (FRC) has revised its going concern standard, ISA UK 570, in response to a string of corporate failures where auditors failed to warn that companies were on the brink of collapse

After two decades of no change, the audit profession must become personally responsible and legally accountable if it is to provide the levels of assurance demanded by investors, argues Emile Woolf FCA

Audit watchdog increases enforcement team by 25% during preparations for move to more powerful Audit, Reporting and Governance Authority as outgoing chairman warns reviews may not address all stakeholder expectations  

Private equity investment trust parts ways with mid-tier audit firm after three decades following appointment of EY as new auditor from 2020

In this month’s audit updates, KPMG is hit with £3.5m BNY Mellon fine, FRC fines hit record levels, firms required to report staff misconduct, BEIS clarifies Sports Direct auditor position, PwC quits Staffline audit but wins IHG audit, IESBA aims to strengthen scepticism, FRC consults on client assets while NAO revises Code of Practice

The National Audit Office (NAO) is seeking public feedback on proposed updates to its Code of Audit Practice, calling for greater focus on value for money in public bodies

Lawyers from Sports Direct have approached the Department for Business, Enterprise and Industrial Strategy (BEIS) to gain clarity on the role of BEIS following the resignation of auditor Grant Thornton

The Financial Reporting Council (FRC) has launched a consultation proposing limited revisions to the Client Assets Assurance Standard (CASS), which provides requirements and guidance for auditors who are have to report to the Financial Conduct Authority on an entity’s compliance with the CASS Rules

In this month’s audit updates, Deloitte hit with £6.5m fine over Serco, Ferrexpo swaps Big Four auditor for MHA, ‘complexities’ delay Sport Direct results, BEIS audit market reform consultation, MPs concerns over FRC chair appointment, ethical standards and local authority audits both up for review

PwC is calling for statutory audits to provide more information about companies’ risks and future prospects following research into audit effectiveness which found that the majority of businesses and investors criticise the current audit process

The Financial Reporting Council (FRC) has issued a revision of Practice Note 19: The audit of banks and building societies, to reflect changes to auditing standards, and a significant rewrite to reflect the latest ISA 540 on disclosures 

In this month’s audit updates, fines for PwC over Redcentric, KPMG refuses to retender $2.2m Cineworld audit, ICAEW finds one in four audits sub-standard, Gama Aviation ditches Grant Thornton and the Financial Reporting Council gets a new head of audit inspections on loan from the Bank of England